SCIENC
THE CHINA MAIL, MONDAY, FEBRUARY 16, 1959,
Weekly Survey__On_The
On The American Economy
Page: 9
BIG BANK TRANSACTION
CLEAN-UP AT WATERLOO|| Largest Simultaneous HONGKONG Fast Jumping
ULY 570
British Railways' mammoth modernisation pro- gramme has spread to station cleaning and here a mechanical vacuum and brush sweeper is shown at work at Waterloo Station, London. In a few hours the machine can cover the entire concourse, taking up litter, dust and even bottles.
The sweeper
battery driven.-Reuterpholo.
New Tractor For Vineyard Work
addition to a range of fractors is announced
Ja
Novel Bottle Return Machine Sorts Sizes A
by a British company. It is and
LTHOUGH the standardi- sation of bottle sizes
shapes has in
o modified version of a trac-creasingly become 2 matter for which went into quantity of interest to pertinent ar- production in February this ganisations, the bewildering year and has been developed for ute in Britain and over scos in hop fields, young orchards, soft fruit planta- Hons and vineyards.
For this purpose the standard tractor has been modified, the overall width being reduced and a smaller turning circle obtained, tegether with a stight reduction
tion.
variety that still exists has always been a problem when it comes to refunding of the deposit.
A now Swedish Invention, an automatic bottle scrting and re- intended to funding machine, facilitate the work in self-service stores, is likely to remedy this nuisance."
ALKA.
Withdrawal Ever
New York, Feb. 15.
Commercial banks in the United States will register the largest simultaneous withdrawal by any depositor in history tomorrow when the Treasury transfers 2.4 billion of deposits to its credit in Federal Reserve.banks.
10
STOCK EXCHANGE
Our Own Correspond at
Business done on the Hong- kong Stock Exchange
this
On Wall Street
New York, Feb. 15.
pitor week, morning amounted to $382,000. The market got nowhere in the past
to
Sales
ID BOS 30.
10
But the banks will get most The net cult of all this will, miillon above the
Noen quotations and the morn. of the withdrawn funds back br gain for the Treasury of Public construction was up
$120,669,003. Ing'a transactions were; the same day.
$75,000,000 in cash, with com$138,093,000 from
Shares meelal bank deposite. d:creas- A good part of the increase was
Bayera Kellere The transfer was ordered provide cash to pay off holdersing try a corresponding amount. recounted for by two sizable of $2,081,000,000 13 maturing Toint deposits in commerciel contract awards in New Yerk-DANKS
ta 60 million. 4-storey Zecken-K Bank.. 007!) 81245 securities who banks increased Just year government
the Afth straight year. Whendorf Hotel and a $45 million; Chose currency rather than two new issues. offered in the Trea- the effect of this larger volume 34-storey building. sury's 15 billion exchange of money svallshle for Invert- ing la added to the lowering of offering last week.
their legal reserve requirements early in 1038, the reason why the banks' operating inccmr Be- mained at a relatively high level ell through the quite clear.
Securities
$0-
Holders of the maturing curities had been offered cholce between a new 3.75 per n longer- cent certificate or -term 4 per cent Treasury note.
The Treasury will also draw from the banks on Monday part of the proceeds of the sale to them of $1,500,000,000 in 217-day tox anticlintten bli hurriedly offered as a meani of meeting the unexpectedly heavy demand for cash.
recession
is
Union
12 7212
.
3.03
4300 fo
Galns in the business picture INSURANCES
how- continue to be uneven, ever, as the February letter of Lonbard the First National City Bank of BILPPING New York peinis cut: "notwin- standing growing consumer de Wheelcick mand, cauticas business buying occts. Er. has whittled
Inventorle of Although the prime interest wholesalers and retailers.
The Whart.. Dock rote fell from 4% per cent to Intest stock-sales ratio in trade Provident.. 3 per cent carly in 1956, and is the lowest since the scare-
Treasury
the yields cn
blus fell tying news reported that from three per cent to less than automobile industry increased | AND, ETC. one per cent during the fist half passenger car output this week of 1950,
of the adverse effect to 117,950 units, compared with Lant.. bank income W114,300 last week and 101,632 | angiveeya this an cushioned by the fact that lan in the same week last year. The withdrawals will be off-airendy on the books continued set by correspondingly large cash to yield the previously high in- payments by the Treasury, which
serget rates until near the end will pay $2,100,000,000 to hold-
of the year. ers of the maturing sues who wanted cosh Instead of the new issues being uitered and who will deposit the money in their
bank
in
Furthermore, the Treasury will pay about $600,000,000 interest on the maturing issues and others as well.
Uncertain Mood
In London
1
been
gress
boll over.
On the
It is
ters
Activity
Re-Employment
HK Hotel..
IRI
1
112.20
week but it had to do some fast jump- ing around to stand still. The big thing about the market was the little sales volume.
This needs explaining.
On | holders táx free, In the event
that that cannot be accomplish- ed the belief is the company
Monday, the Industrial average of the Dow-Jones series fell 7.87 points. It rebounded 8.19❘ will pay the slock out in div1- the next 10 years, 5.05 points on Tuesday, gained 1.48dends in
points on Wednesday, fell 2.14 using the ensh that would have on Thunday and san up 0.00 points on Friday. The net result was a rise of 5.04 points on the week to a close of 587.07.
41012 2530 1.4 12.10 4900 AT 12.10
Smallest
Meantime the sales total fell off to 14,732,090 shares, emoliest
15 153, 1800 & 1325 for a full week since September 5. The illy overge volume of 2,953.639 shares compared with o daily average of 3,228,151 shares at week.
HUBLER Ataly TTURI
21J 2.50
225
A. Tawal
2.75
2.70
2004 27.10
500
S
1.5
16,
Re-employment of workers Sungala laid off during die reccasion was
UTILITIES the Unlied
financial lagging, and no immediate Tram
prospect of improvement in the unemployment picture was ap parent.
AB
The government reported the number of unemployed at mid- from January
4,724,000 19 4,100,000 a month earlier. In durable goods manyfucturing. 8.2 per cent of the work force employment was still without this week.
According to a survey of the inrgest balls in States by Barron's weekly, the outlook for the cur- rent year is even brighter. The boost in the prime interest rate lest September to four per cent. and the possibility of another increase in the near future, ore regarded in banking circles goodt omens for earnings,
"Business will need credit to inventories, rebuild depleted while the relative buoyancy In autu sales and residential home in- construction points to au
for consumer creased demand Instalment and mortgage ere- dit. All in all, total bank loans interrupted should rise appreciably this ment
Long-term unemployment-
Yeumati C. Light Electric (0)
45026
closed The raltroud average
at 100.77 the week
up 042 points; utility 90.81 up 0.41 and
gone into dividends for X- pansion purposes. Du Pont bolted ? points in the week.
Erstman ran ip 6 points and gains of six to eight points were set by Philadelphia & Reading. Thiokal, and Poltrold. Superler Oil of California fell 90 points and New York & Kar- lem gained 105 priced Esuçs.
in the high
Aircrafts were Highly irre→ gulur. Boeing fell when the Government sought to extract nome of the 1052 profits from defence work, Douglas dropped two. Bendix rose 2% peints.
830105 stocks 204.10 up 1.45. 14r
Chrysler cose 216 points and If the gyrallons are translated Ford 2% in the motors. Chiy- 2500 2020
get 200 24.50 Into dellars they look muchsler expects to be able to 300 20.20 smaller. The Monday decline glass next week so it can step 211424 averaged 79 cents a share. The up operations which had been sharply curtailed by a strike at the Pisburgh Plate Glass plants now ending.
On
Tuesday rise was 4 cents. Wednesday stocks rose three
cents a shere. They fell 35 cenis on Thursday and rose 42 cents
100 25.70 or Friday.
CN 2450 Macro E Tel. (01
TN) INDUSTRIALS Canest
23
9.23
23.03 23.00
21
Watson L. Crew COTTONS Tex
..... 16.20 20 40
... 14.
500 @ 10,40
13.79
13.00 14DO
B00
13.80
200
meaning 13 weeks or longer STORES, ETC.
Dairy
was. practically unchanged in This January at 1.4 million.
what the govern- cailes a persistent de- which repideline since last summer,
had reduced the size of this aboul one-third."— excup to
year, though not at the pace that characterised the re- covery from the 1954 recession," the edilers concluded from their U. F. ! survey of an industry which hae proved itself more amenable to correct prediction than most.
Long-Term
ecme
bank
Other less tangible
INVESTMENTA Ablett UK & FE Invest
3.55
0.50
14.53
The Feature
on
Du Pont was the feature Friday when it rose more than eight points. There is talks that the company may be allowed to distribute is vast holdings General Motors stock to share
RALLY FOR
FUTURES
SMART
COTTON
New York, Feb. 15. '
Cotton futures climaxed a week of narrowly indecisive price swing
with a smart rally in the old crop months on Friday.
of
lower
International Oil were given a jolt on price casing in Vene- zucian and Middle East oll prices. They steadied late in the week.
Outlook
in
Steel shares were higher most instances, especially Lukens which gained more then five, points.
and High production outlook for a zke to a new re- cord in output helped the group at times but didn't save the issues when the market wan Ti wide decline.
on
The drop on Monday and the Tuesday subsequent rally were explained by nothing more than technical conditions, 13147- xet men sald. Same selling in the first session of the weekt may have stemmed from
{
ther fears over the Government's
ently was forgotten ister.
At the weekend the list ruled on new farm legislation. Agri- sought opproval of the Ad-and-trust drive but this appr
plan for Ezra Taft ministration Secretary one to 41 points-five cents to culture appearing before the farm price supports and relaxed
House Agr£ukure Committee, production controls.-U. P. I.
the Benson,
of
by
Wes
ZAIBATSU BACK IN
London, Feb. 15, Bullish and bearish in- fluences on stock markets about week this past cancelled themselves out which left investors in an uncertain mood. The re- sult WIS that markets
A long-term upward trend in this past week have been interest rates since World Wor
where point Il 10 the on the quiet side.
now yleld out of the gill-edged market on
Much of the steam was taken Evernment bonds
only 0.10 less than the statutory Thursday by the unchanged bank 4.25 per cent limit, has been a rate which most people had major factor in greater
expecting. Government earnings.
made them- funds, however, remained trends have also
selves felt: bonk mergers and reasonably firm.
more emphasis on development and Instalment of personal The foreign bond market en- financing loans.
A figure of 10 per cent higher $2.06 a bale-higher than
1959 joyed considerable activity on a
back eaning in The machine, which has been
than preceding week. in weight without loss of trac-designed by Allan Gembring, of broad front.
Greek bonds were in 1958 was sel by Svan- Strength In nearby months outstanding on the rapid pro- dard" Poors
& Gothenburg, is made in standard
Corporation. reflected covering in the Merch the Greco-Turkish AB or "to order by This has been accomplished sizes
talks in Zurich but on the news "The basis for higher bank delivery, anticipating first notice
being day February 20, with part by shortening the front axle, the Wicanders Korktabriker, peci
that a comprise agreement hoa, earnings in 1959 is now
established," according to an the demand encouraged rear axle shafts and housings. In various types of bottle-
prices tended to been reached
"The exporters and part of it and bottle-washing
article in The Outlook. sebling cross- and altering the brake
favourable combination is with a decline in the certificated shafin and footplates. Other machinery, told under the nome
Brides
being
news that Prime high level of deposits, a prob- stock. Thle suggested that March minor changes have been made
Minister Macmillan was visiting able gain in lean volume, and tenders may not prove to be as to the radius rods, steering dragerentially Inbour-saving. B
was quite arising mency rates," Standard heavy as previously expected. luks and the levelling box hous hygienic, aesthetic in appearance Moscow there
OBSERVERS number of people having ut- and Poors sums up. ing. The tractor-the Fordson and takes up little room.
dif-
in Iron Curtain bonds
Meanwhile, the recovery in Other observers said it should Narrow Dexta will be equipped able to handle 10 or more
shapes Czarist Russian,
certifcated ferent bottle sizes and
Royal Ru-industrial production from the be noted that the with 4.00 x 10 4-ply front tyres
and to pay the corresponding and 10 x 28 4-ply rear tyres.
correct depbalt value.
Later in the week there was apace. Steel production has now is practically all high width of the The overall
INTAKE ONE
a good deal of activity in bonds well surpassed the 60 per cent cotton and at the current price original v raion was 64 trichics
of the old Baltic states.
of capacity mark, and There is only one Intake, and
the level, near month futures were compared with the new version's
the whole mtchine can be built The
of the capital American Iron and Steel In-viewid as being crailble below ending 52 inches,
that a replacement cost. into the storage room ro that on fasuos comanliters control over stitute reported this week The
trelor
Buyang was based on a belief the shop side It presents, only domestic borrowing caused steel mills poured 9,312,000 net hibited to the publie for the first
The front sharp rise in bank shares which
tons of raw steel in January, that because of the great amount
8,710,622 tons of cotton going under the gov fine at the Smithfeld Smithfield "a-hole-in-the-wall
were later encouraged by the compared with
Average ernment loan programme, a Show which opened In London panel measures only 1 in
in widih. After the bottle has Midland's new issue announce the previous month.
for January tight supply situation may exist on December 8.
Есеп
hole. placed in the
thement and Loyd's statement ofperating capacity
becomes before the new crop wer 74.3 per cent.
Nearly 5,700 persone are on machine does the identification | similar intention.
available in the autumn.
its payroll, handling merchan- by means of various devlees. An
No Change
While there was considerable Initial sorting into three groupe Encouraging
The National Association of difference of opinion as to how dise in:08 major cities through the world and another 40 in of diamateri takes place in the branched clute. At each level Company news, much of it Purchasing Agents reported that much of the 1868 cc will wind Japan.
klentication takes encouraging, has been the main
a survey of production showed up in the government ican, some the 1955 Inductee on Industrial
companies strtisticians thought 42 per cent of the place with the aid of weighing single ba-and measuring apparatus.
market last week. Jaguar cars questioned had higher totals in record of 7,300,000 boles would Other optimists A collecting table er standard gross profits more than doubled January than in December, and. be shattered im- increasingly coming
1 with apparatus
and this gave a lift to the whole only 13 per vent had less. The put the figure up to pessible re- 8,000,000 bales out of a toil portant in ship construction. length
weight of about 330 lbs and motor market. It was the same balance of the companies
1958 crop of 11,881.000 bales. with Imperiai Tobacco and the perled no change. New
IMPOUNDING with takes up a space of 8 ft 4 in by ulca Acoustic
tobacco market. Marks and Activity In the construction, fentures are 1 f in in the storage room.
for the Loan Impoundings etveral unique
Spencers announcement of a field is approaching tocyn pro- made. from strong, tough pine When a collecting table is full
general sloshing of prices portions. Heavy construction week ended. February totalled fibres and have a washable, cr the teken releasing device la
contraels last week jumped 10 117,458 balcs. The nee stock of This empty, a buzzer gounds, so that cheered the atores market." white painted finish.
recovered in mid-week $340,530,000 frum Olly
$284,340,000 1058 crep cotten under loan to maintained the shop staff is always kept in-
that date amounted to 0,330,288 ables them
111 formed of the status of the col- but the BP. price ruts and the last week and $208,683,030 easily and also ensures,
they have an lecting apparatus. The deposit Russian nst-haking at Persia year ago with both the private bales vs 2,787,332 bales to the einfined, that
tokens again heltled the markets, and public sectors sharing in the same time last year. attractive finish and high light value tubes with their
circulato between the machine Shell finished the week 2% Increase. of 70 per reftection coefficient
and the cash desk, where they | shilings
14 down, B. P.
Private awards for the week to shillings of and Royal Dutch ended February 12 climbed
| $207,543,000 or more The tiles are being made in are refiled.
10 shillings--U.PL. three types of patterns. Cas
now
was ex-
Sound Absorbing Tiles For Ships
COUSTIC, OF Sound ab-a (ther
A sorbing tiles, are
cent.
to br
of these types can be fitted by Visual And Speech
now
which la method
extremely quiet and therefore, Communication
It la mode
more economical. possible by the use of
32-inch units.
0
manian, Hungarian and others. lows or the recession continued stock, amounting to 80,824 balez
τ
a
priced
COMBINES BUSINESS
Tokyo, Feb. 15.
The Mitsul Bussan Trading Company, went back into business today, a solid symbol of the revival of Japan's great Zaibatsu combines.
Oficials of the firm said they dustrial and Anancial power, in expected to have an annual the hands of these few familles yen. made it possible for Japan's turnover of 500 million This is equal to $1.4 billion in militorists to mobilise swiftly
close to and cßcclively for war. U.S. currency, and one-sixth of the entire Japanese
They act about destroying National budget.
by
the diszolving them "Honsha" holding companies
SMALL PIECES
that were the instrument of
General business held ligh
with the steel industry leading the parade. Stari operations now! are incre than six per cent above the level of a year 180, Good gains compared with 1930 also were recorded in electricity output, car loading, soft coal output, and crude oil produc- tion. Automobile output had a shall golh on the week and tho year.
Leadership was poor through most of the week but on Mon- day it was noted that the.blue chips bore the brunt of the sell- small volume ca favourable in
ing. The bulls interpreted the
that it indicated lack of real liquidation pressure.-U. P. 1.
Bank Of England Statement
London, Feb. 15. The Bank of England state-
control, facing the familles toment for the week ended Feb. sell their steak, barring come 11, reads as follows.
individuals from holding poel-
Publć deposits
Hobs In reorganised firms and | Noite 15 orepation ...
a Privalo deposits timply chopping up others,
Government arcurile other stewitter
Flatlo
repl
Mitsui Bussan was a major target. It was Japan's leading trading company and one of the world's largest,
COLD WAR
A dozen years ago, allied trust-bustes hacked Mitsui Bussan unto 170 hopelearly amall pleces in their effort to smash forever the iron rip of the Zaibatsu on Japan's cecnomy,
The Zalbals were incredibly wealthy families that controlled
When the allies andshed with vast industrial empires. In pre-
It in 1947, Mitmil was nii but war Japan. Three or four names are widely known-Mitsul, it dead. It's 7,000 employees were subishi, Sumitomo, Yasudabut fire. From the rubels rose 170 with Interest in new crep
there were 10. Zaibatsu ineffectual flims, hone familles.
acre than 75 employees er $500 Hvaries was restricted most the week while traders awalt: The Allies ngured that the in capital.
concentration Washington developments intense
50 Led than
de-
of
In-
-
U.S. Cotton Goods Market Review
Sterling
2,000,127,91
302,040,755
237024330
26.7843110
45,000/104
-U.PL
Bank Of France Statement
TEXO
301,000,312,566
Paris, Feb. 15. The Bank of France statement for the week ended Feb. 5, roads 22 follows: The cold was prompted allied Headquarters to halt its liquida~ | Toini gold hetdings.. tion job, for a thorough going | Kent Calinesti (PU destruction of the Zalbeteu | Avance to
Olabiles- would have weakened Japany'n
isvima i preu lation
Total Plan Gartenging
8.917,435,007 18,204,030,000
1,433,064,500
* 2,230,583.
deposils
Exchange Rates
Converters, piece goods buyers,
needed. Construction ding to higher that about 5 per cent of the economy at a time when it was Bank A LEADING Arm of British
New York, Fab. 15..
wholeriers and other comm-levels this par! week included: { Icomage going to the manutse- tengund frid grooved
stockbrokers in the City hàn
The Zolbatu, returned, but the tiles to be installed a two way visual and Buyers of apparel and in-s considered the advances in Corduroye up 17 cents a yard; turer of typewriter ribbons har This enables
dustrial cotton grey goods evileble, but they took the bark cloth, used by the drapery gone out of production beaute under a new guise. The news alled, screwed or mechanically speech communication system to
Zaibatsu were no longer cal this past week watched news in stride. There was no trade, up canter and will up of cheaper foreign imports. sapird to wood furring strip transmit market prices from the
Ilie Complainante 2, admitted to buy all-out, ruth
goods, two dents, a yard. Dick cloths,
trolled by tight family" olights. les firm's box in the Stock Ex- which there make the
of about production priesa move higher on a Consumers ordered for nearby rates and a variety of coating early self-levelling.
chatige io ita own head officà
ало Banks wide variety of fabrics. and into second quarter delivery, | fabrics used by the automoblie 3,000,000 yards of sibbon is a chies and holding companies,
now the Tal Another of the types, with and also to, the officer of clients
but with only Tableledelse urade showed moderate price comparative "deep in the ocean" huit edges, may be installed by in and around the City A2-
Pralnut the overall cloth or unifying force, plus Informa Milia naming advanced levels ending into the fuld quae, manaket cementing to a firm, hand air- mough in wide, us for over N
Other bujare reckoned with duction. Distributors-ellmed fler among top exactativas. 1938 -| of the year this is the hist." DUNNING | KOINs to comes the ingledlig ter
Increased the imperta trops deferer be banks remained largely intakt face or by using one several mechanical suspension application of the aqulpitant, wam incewarez, going to an saus SiWarý Büyen said thay, Mould the possibilTY OF
Imports of United Kingdo Switzerland after the war and they were flangsklik werkara - follow accution polley prading compstition throu
"Abra Zempuble for choda. The tiles are made by | Previous indallations have biens EDANIEL PRE-
respion to lower prices
17 and end the Netherlands - "really the only womanw { "abrics. - Ainked
„achi) hur?” their sales of domestically. | providing the capital that wa the Annarung Coric Company, pripásky,ot; "raktáry nature.
ena suport, produced siwona mUFI: Konerpet, Landg 3.W), England.
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